Nautical Clinches Semisub for Kraken

Nautical Petroleum has signed a rig contract with Awilco Drilling Limited to perform drilling activities on the Kraken discovery in UKCS Block 9/2b.

The WilHunter semisub will drill a horizontal appraisal well and perform a production test during the summer of 2011. The purpose of the well is to prove a commercial flow rate and gather further information on reservoir quality and distribution, within the core area of the field. If successful, the well will be suspended as a future development well.

Krakan spans Block 9/2b and 9/1a in the UK sector of the North Sea. Nautical Petroleum operates Block 9/1a with a 45% interest. Celtic Oil Limited holds a 30% interest; and Canamens Energy North Sea Limited holds the remaining 25%.  

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